New Delhi: The Reserve Bank of India (RBI) has imposed a fine of Rs 44 lakh on 4 cooperative banks for violation of various rules. The names of the banks which have been fined are as follows – Tamil Nadu State Apex Co-operative Bank, Bombay Mercantile Co-operative Bank, Janata Sahakari Bank, and Baran Nagrik Sahakari Bank. Of these, the maximum fine of Rs 16 lakh has been imposed on Chennai-based Tamil Nadu State Apex Co-operative Bank.
The RBI said in a release issued on Monday, a fine of Rs 13 lakh has been imposed on the Bombay Mercantile Co-operative Bank. According to RBI, the bank failed to transfer the stipulated amount to the Depositor Education and Awareness Fund (DEAF) within the stipulated time and transferred the same with delay. In another press release, the bank said, a penalty of Rs 13 lakh has been imposed on Pune-based Janata Sahakari Bank for non-compliance with directions on the interest rate on deposits.
Why fined Tamil Nadu State Apex
Tamil Nadu State Apex Co-operative Bank has also been fined for the same reason as Bombay Mercantile. Along with this, the bank also failed to report the fraud to NABARD within the prescribed time limit and reported the same with delay. At the same time, a fine of two lakh rupees has been imposed on the Baran Nagrik Sahakari Bank located in Baran, Rajasthan.
What will be the effect on its customers?
After taking action on the banks, a big question arises whether it will affect the customers of the bank. RBI has also clarified the situation regarding this. RBI has said that these banks have been fined for ignoring the norms. However, this will not have any effect on the transactions being done by the customers of these banks.
